2024-02-10 20:52:25
The size of Japan’s public debt by the end of 2023 reached a record high of 1,286.4 trillion yen (about $8.6 trillion). This is evidenced by the data released by the authorities, Day.Az reports with reference to TASS.
Compared to December 2022, the size of government debt increased by 29.4 trillion yen (about $196.7 billion).
On January 26, the Japanese government submitted to parliament a draft budget for the next fiscal year (beginning April 1, 2024). In it, the cost of servicing the national debt, including interest payments, implies the allocation of funds in the amount of about 27.1 trillion yen ($190 billion), which would be the highest level in history.
Tax revenues are expected to reach a record level of 69.61 trillion yen (about $488 billion). Taking into account other revenues, the budget deficit will be 34.95 trillion yen ($245 billion). It will be covered by issuing government bonds for the specified amount. This figure has been declining over the past three years, but Japan’s budget dependence on debt obligations still remains at about 30%. Japan’s national debt is currently almost twice its GDP.
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